Survey: Almost half of Canadians will spend less this holiday season

Canadians are bracing for a holiday season marked by economic uncertainty and many of them are planning to be more cautious with their money than last year, two separate Angus Reid Strategies polls have found.

In the online survey of a representative national sample conducted in late October, about two-in-five respondents (38%) expected to spend less money this holiday season than last year. A majority (54%) said their expenses would be roughly equal to those last year, and only four per cent admitted they would spend more this time around.

This month, the proportion of Canadians claiming they will be more frugal this year rose to 45 per cent. Close to half (49%) still say they will spend about the same than last year.

On both October and November, less than 10 per cent of Canadians said they will be more likely than last year to wait until Boxing Day to do their holiday shopping. A third of respondents in both polls are just as likely to shop on Dec. 26 compared to last year, and in both cases more than 40 per cent do not foresee any Boxing Day shopping.

Respondents were also asked about the range of discount they would find attractive when buying presents or shopping for themselves. Almost two-thirds (64%) agree that savings from 20 per cent to 60 per cent are appealing. Notably, only around a quarter of respondents are lured into a store when they see advertised discounts of more than 60 per cent.

In October, respondents in Ontario (47%) and British Columbia (44%) were most likely to say that they would tighten their belts this coming holiday season. In November, the proportion of people in BC who plan to spend less this year rose to 54 per cent. Similar scenarios ensued in Alberta and Quebec—where the proportion of frugal customers rose by 12 points—and in Atlantic Canada, where now more than half or respondents (53%) say they will spend less this season.

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